Dissolving a business and only paying one quarter

[pearlhenrickson]

So this year my husband and I started an LLC as we got the opportunity to run a coffee shop. Long story short, the owners who leased it to us lied about their books and the business was not able to sustain itself so we broke the contract, and got out of the agreement unscathed. However, we did have one week of business expenses during the Q2 quarter ONLY. The business had no more expenses (such as payroll, unemployment, social security) going through after June 16th, which I know the end of Q2 is June 30th. By that point, our LLC had no income, no more payroll, or anything.  We were late on paying our taxes due to some personal matters that caused us to be late on it; however, we scheduled an appointment with a tax professional who helped us get the majority of our tax bills such as payroll and federal paid, and we just paid state our selves today. In addition to this, we filed our FINAL return which was for Q2 only that our professional helped us with and he marked it so on our documents that they were all the final returns that we were doing and paying, and we sent them off to dissolve the business. 

So earlier today, my husband saw from our QuickBooks that we are getting a penalty for not paying Q3 taxes, even though the LLC had no business activity from the middle of June onward. Do we have to file anything for Q3, and what will our fees be for not doing so even though the LLC had no income after that one week in Q2? We are very worried about this cause we just want this to be done and no longer have this over our shoulders, so please any answers would be much appreciated. 

[rjs]

1. Ask in the QuickBooks Community.

2. Ask the tax professional who prepared the returns.

[Mike9241]

estimated taxes are based on your income tax for the whole year that is not covered by withholding. taxes are based on your income for the whole year -  the LLC's (kind of doubtful that it had a net profit since it operated for such a short time). however, we can't see the QB so there's no way to know if what WB shows is correct for income tax purposes. ask the tax pro

There will be no federal penalties for not paying in enough taxes during the year if withholding
1) And timely estimated tax payments equal or exceed 90% of your 2021 tax
or
2) And timely estimated tax payments equal or exceed 100% of your 2020 tax (110% if your 2020 adjusted gross income was more than $150K)
or
3) the balance due after subtracting taxes withheld from 90% of your 2021 tax is less than $1,000
or
4) your total taxes are less than $1,000

state laws differ

[Carl]

So earlier today, my husband saw from our QuickBooks that we are getting a penalty for not paying Q3 taxes

Without intending to sound rude or fallacious, who cares what Quickbooks shows? You're done with the business.  All you "may" need to do is to print a final year income/expense report.

For example, In QB select REPORTS, then Company & Financials, then Profit & Loss Detail. Click OK to open the report. Note in the upper left corner of the report the default for Dates is "This fiscal year to date".  Change that drop down to "Custom". Then to the right of that enter 1/1/2020 for the From Date. Then for the To date enter one day after the last day of business, or one day after the last day of a recorded income or expense; whichever is later. Then print that out and that is what matters.